Online Account Opening FAQs
How do I know if United Fidelity Bank is FDIC insured?
United Fidelity Bank has been FDIC insured since 08/09/1989. Expanding the FDIC banner displayed on our website will provide a link to FDIC.gov with additional information. Funds are FDIC insured up to $250,000 per depositor. If you need assistance in opening an account greater than $250,000, please contact a member of our Digital Banking team at digitalbanking@unitedfidleity.com.
How is my identity protected?
The first step of the account opening process is for United Fidelity Bank to validate your identity using two-factor authentication. Two-factor authentication is an extra layer of security that makes sure the person opening an account is who they say they are. First, you’ll be asked for your name, email and phone number. Then, instead of going straight to entering more personal information, you’ll be required to validate yourself by responding to an email confirmation, before the application can proceed.
Do I have to use email for two-factor authentication?
Yes, we only allow two-factor authentication via email. Throughout the online application process, email will be our primary mode of communication with you about the status of your application, so we want to make sure we have a working email on file from the beginning.
How does United Fidelity Bank protect my information?
Your online banking connection with United Fidelity Bank is always encrypted, meaning all your personal information is secured before it even leaves your computer.
What is the minimum age requirement to open an account online?
You must be 18 years of age or older to open an account online. Accounts cannot be opened on behalf of minors, and minors cannot be added as joint owners.
Can I open a trust or business account?
At the current time, only Personal Certificate of Deposit accounts (excluding Individual Retirement accounts) are available online.
Why does United Fidelity Bank advertise the APY and not the daily interest rate?
Financial Institutions are required to use the annual percentage yield (APY) when advertising rates. The APY provides a more accurate picture of the total interest earned over a year by accounting for the effects of compound interest, where interest is added to the principal and earns further interest.
How is my interest credited?
Interest will be credited to your account based on the compounding frequency for the Certificate of Deposit term. Accounts with a term of less than one year will credit at maturity and accounts greater than one year will credit semi-annually. By request, you may choose to have your interest credited to a savings or checking account with us monthly, quarterly, annually, or at maturity, at your option. The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal of interest will reduce earnings.
What information is required to open an account online?
You will want to have your Social Security number, Driver’s License or State ID, home address and funding account information.
How does an account opened online or on a smartphone get funded?
United Fidelity Bank provides two ways to fund your new account.
- The first is instant account verification (IAV). Using IAV, you’ll be asked to choose the institution you want to fund from and enter your online banking credentials from that institution. This is just like logging into online banking at that institution, only through our portal, which includes all the security that comes with transferring funds from one bank account to another. Plaid, a trusted technology provider, ensures this process is both fast and safe. Once logged in, you can view your accounts at that institution and available balances, and then you can select the account you want to use to fund your new United Fidelity Bank account.
- The second option is to use manual entry. Manual entry is a traditional method that requires you to know and manually enter the account and routing number of the account and institution you are pulling the money from.
With both funding options, an ACH payment will occur, moving the funds to the new account. Learn more about ACH payments in the next question.
What measures are in place to protect my money as it moves from my existing account to my new account?
ACH, automated clearing house, payments are a secure way to directly transfer money between accounts. ACH payments go through a clearinghouse that enforces rules and regulations while keeping account numbers confidential. Because of this, ACH payments are more secure than other forms of payment. Federal law protects consumers from fraud or ACH errors as long as you report any problems to your bank within 60 days.
What are the minimum and maximum opening dollar amounts?
The minimum to open an account is $1000.00 and the maximum is $250,000.00 per Certificate of Deposit. If you need assistance in opening an account greater than $250,000, please contact a member of our Digital Banking team at digitalbanking@unitedfidleity.com.
Why am I asked to fund my account before I know if my account has been approved?
Our goal is to make the process as streamlined as possible. We collect all the key items to open your account upfront, including funding details, so you don’t have to come back. A transfer of funds cannot occur until your United Fidelity Bank account is successfully opened. If you don’t complete your application, or if your application is denied, a transfer of funds will not be initiated.
How long do I have to complete my new account application?
Once you start your application, it is active for 7 days. Please note, though, that if you open an interest-bearing account, the interest rate you receive will be United Fidelity Bank’s published rate on the day the account is opened, not the day the application was started.
Why do I need to review and accept disclosures?
Reviewing and accepting disclosures is important because they contain the terms and conditions that govern your new account.
How will I know when my account is opened?
You will receive an email confirmation when your online application is complete. It will give you your account opening documentation and details.
What if I change my mind after I submit my application?
Once an application is successfully submitted, the funding process has already been started and cannot be cancelled. You will need to contact your funding institution to place a stop payment.
Can I add a joint owner or beneficiary?
You can add a joint owner or a beneficiary after the account is successfully opened. After logging in, click the Set Up button next to your account then choose “Add Joint Owner “or “Beneficiary” and follow the prompts.
Can I add additional funds to my account after it is opened?
Once an account is opened, the application process is complete, and funds cannot be added until maturity. You may, however, open additional Certificate of Deposit accounts at any time.
How do I close my Certificate of Deposit account when it matures?
Upon request to close your Certificate of Deposit, funds will be sent electronically after identity verification and completion of a one-time ACH transfer form.
How do I enroll in Online Banking?
After your account is open, you can enroll in United Fidelity Bank’s Access Anytime Personal Banking by going to www.unitedfidelity.com and clicking “enroll now”.
What security measures should I have on my own device to be safer? What can I do to be safe online after opening my online account?
It’s always important to consider your online safety, from making sure your passwords are strong and unique, to keeping your anti-virus software up to date, to being aware of how criminals use fraudulent emails, texts and phone calls. As a United Fidelity Bank account holder, please know that United Fidelity Bank will never email, text or call you to verify your identity or ask for personal information.
Have additional questions? Give our Digital Banking team a call at 1-800-280-8280 ext. 5304 or email digitalbanking@unitedfidelity.com.
